Employment, Energy & Infrastructure, Environment & Natural Resources, M&A & Private Equity, Tax / 3 Jun 2019

Borenius advises Freeport-McMoRan on the sale of a portion of its cobalt business to Umicore

We are currently advising – together with Davis Polk & Wardwell LLP – Freeport-McMoRan Inc. (NYSE:FCX) on its agreement to sell its cobalt refinery in Kokkola, Finland and the related cobalt cathode precursor business to Umicore (EBR:UMI) for a total consideration of approximately USD 150 million, plus working capital at the time of closing. The transaction is subject to regulatory approvals and other customary closing conditions, and it is expected to close by year-end 2019.

Borenius provides Freeport with regulatory, corporate and tax advice as well as advice on the environmental, real estate and employment law aspects of the transaction.

Freeport is a leading international mining company with headquarters in Phoenix, Arizona. Freeport operates large, long-lived and geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. Freeport is one of the world’s largest publicly traded copper producers.

Umicore operates as a materials technology and recycling company worldwide. Its catalysis segment produces automotive catalysts for gasoline and diesel, light and heavy-duty diesel applications, stationary catalysis for industrial emissions control, and precious metals-based compounds and catalysts for pharmaceutical and fine chemicals industries.

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